Blue Owl Capital Inc is to acquire funds managed by Cowen Healthcare Investments (CHI), a life sciences investment manager, from Cohen Investment Management CIM. The transaction, which is subject to customary closing conditions, is expected to close in Q4 2023.
According to Blue Owl the acquisition will add approximately $1bn in assets across several funds and further strengthen the firm’s market presence in the life sciences sector with an emphasis on mid-to-late-stage equity investments into biopharmaceutical and healthcare companies.
As part of the transaction, the CHI team will become full-time Blue Owl employees, including senior leaders Kevin Raidy, Tim Anderson and Rob Sine. Upon completion of the transaction, CHI’s funds will be rebranded to Blue Owl Healthcare Opportunities.
Blue Owl’s Life Science efforts are focused on credit, royalty and growth equity investments in innovative biopharmaceutical, medical technology, and healthcare companies and products.
As part of Blue Owl, CHI will continue to invest primarily in mid-development stage biotherapeutics. Adding CHI’s team and capabilities allow Blue Owl to further develop a multi-strategy Life Sciences offering, investing across growth stages and capital structure with shared resources and relationships.
SMBC served as financial advisor to Blue Owl Capital.
